The Week

As stay-at-home restrictions ease in some regions, including parts of Virginia, as of midnight, and portions of Maryland, beginning at 5 p.m., Friday, the demand for gasoline is on the rise. Local drivers are seeing slight gas price increases across the region but many drivers are still paying at least 76 cents less than one year ago. AAA says the increase in prices is due to more and more people returning to work.   

Cent by cent, prices are rising at the pumps across the greater Washington region. Nevertheless, in the wake of higher rates of coronavirus deaths and infections, a large swath of the National Capital Area remains under extended stay-at-home orders and other Coronavirus restrictions. Today’s gas price average in the District of Columbia is $2.17, up a penny in the last week and down 76 cents from last year on this date. Prices in the Washington, D.C. metro area are $1.96 today, up one cent from last week and down 81 cents from last year. The price in the metro area first dropped to $2 on April 15.

Today’s national gas price average is $1.86, up four cents in the last week, up two cents in the last month and down $1 from this time last year. Nationally, this marks a second week of pump prices increases, from a low of $1.73 per gallon.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $29.43 per barrel, $4.69 higher than last Friday’s close. Today’s closing price ends a week where crude prices stayed above $25 and reached a high price not seen since early April. Oil prices increased during the week as U.S. government data showed an unexpected weekly decline in domestic crude supplies – the first in 16 weeks - easing a storage crisis, and declines in total oil production. Global oil prices were also boosted in recent days by Saudi Arabia’s pledge to cut its oil production by an additional one million barrels per day, starting in June, on top of cuts outlined in the deal between Organization of the Petroleum Exporting Countries (OPEC+) and its allies that kicked in on May 1.

The Weekend

“Pump prices are fluctuating throughout the region and across the country as demand increases and gasoline stocks decrease,” says John B. Townsend II, manager of Public and Government Affairs for AAA Mid-Atlantic. “The boost in demand continues to push pump prices up nationwide, as more states re-open businesses.”

The Week Ahead

The U.S. Energy Information Administration (EIA) expects U.S. crude oil production to fall in 2020 and 2021 as efforts to mitigate the spread of COVID-19 continue to result in a drastic drop in demand for petroleum products and crude oil prices. The EIA’s May Short-Term Energy Outlook forecasts that U.S. crude oil production will average 11.7 million barrels per day in 2020 and 10.9 million barrels per day in 2021. These levels would be lower than the 2019 average of 12.2 million barrels per day.

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.

• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area. 

• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses. 

• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route. 

• AAA's Member Rewards Visa® Credit Card (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.  

Next Weekend Gas Watch: Friday, May 22, 2020

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AAA provides automotive, travel and insurance services to 60 million members nationwide and nearly 82,000 members in the District of Columbia.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android. For more information, visit  https://aaa.com